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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Become A Mortgage Broker In Alabama
The Alabama State Banking Department, Bureau of Loans, in Montgomery,
Alabama, handles all aspects of the Alabama
Mortgage Broker License Act. All Alabama mortgage licenses are handled through
the National Mortgage Licensing
System. Prelicensing requirements include approved courses that are 20 or more hours
and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of
Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in
addition to Alabama-required content. A minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act, but Alabama specifically
requires 12 hours.
The licensing fee for NMLS for Loan
Originators is $144. The licensing fee for a broker
is $620. Click on the links in the preceding sentences for more details about each
license.
In
Alabama a Mortgage Broker License is required for anyone (including corporations and
LLCs) who solicits, negotiates, or processes a mortgage loan for a borrower, or who offers
to do so. There are a number of exceptions to this requirement, such as real estate agents
involved in doing business, banks and savings and loan associations, life insurance
companies, attorneys, and similar occupations. Exact current exemptions can be obtained
from the Alabama State
Banking Department.
Those holding a Mortgage Broker License in Alabama may perform their services with both
first and second mortgages, without needing special licensing for the second mortgages.
Continuing education requirements are 12 hours per year, by an approved continuing
education provider. Alabama is one of approximately 18 states that still require
a mortgage broker to have a physical office in the state.
The Alabama Mortgage Brokers Association is an
affiliate of the National Association of Mortgage Brokers
(NAMB). This organization provides the Code of Ethics that all Mortgage Broker members in
Alabama adhere to. The NAMB is an important resource to have as you become a Mortgage
Broker.
Alabama Mortgage Forms
|
Alabama Reciprocity States
|
- Most Mortgage forms can be obtained online.
Ones listed below pertain to new salespersons and
brokers.
- Alabama Mortgage Broker License
Application Package
|
N/A
(as of 2/23/2010)
|
Alabama Approved Mortgage Schools Prelicensing and Postlicensing
Education
|
Community Colleges
N/A |
Private Schools
Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
|
Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Bureau of Loans website for the latest
list of approved schools. |
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This email was sent to you by:
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Mortgage News Daily
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Anonymous Anonymous |
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Message:
YOUR MESSAGE HERE
Become A Mortgage Broker In Alabama
The Alabama State Banking Department, Bureau of Loans, in Montgomery,
Alabama, handles all aspects of the Alabama
Mortgage Broker License Act. All Alabama mortgage licenses are handled through
the National Mortgage Licensing
System. Prelicensing requirements include approved courses that are 20 or more hours
and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of
Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in
addition to Alabama-required content. A minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act, but Alabama specifically
requires 12 hours.
The licensing fee for NMLS for Loan
Originators is $144. The licensing fee for a broker
is $620. Click on the links in the preceding sentences for more details about each
license.
In
Alabama a Mortgage Broker License is required for anyone (including corporations and
LLCs) who solicits, negotiates, or processes a mortgage loan for a borrower, or who offers
to do so. There are a number of exceptions to this requirement, such as real estate agents
involved in doing business, banks and savings and loan associations, life insurance
companies, attorneys, and similar occupations. Exact current exemptions can be obtained
from the Alabama State
Banking Department.
Those holding a Mortgage Broker License in Alabama may perform their services with both
first and second mortgages, without needing special licensing for the second mortgages.
Continuing education requirements are 12 hours per year, by an approved continuing
education provider. Alabama is one of approximately 18 states that still require
a mortgage broker to have a physical office in the state.
The Alabama Mortgage Brokers Association is an
affiliate of the National Association of Mortgage Brokers
(NAMB). This organization provides the Code of Ethics that all Mortgage Broker members in
Alabama adhere to. The NAMB is an important resource to have as you become a Mortgage
Broker.
Alabama Mortgage Forms
|
Alabama Reciprocity States
|
- Most Mortgage forms can be obtained online.
Ones listed below pertain to new salespersons and
brokers.
- Alabama Mortgage Broker License
Application Package
|
N/A
(as of 2/23/2010)
|
Alabama Approved Mortgage Schools Prelicensing and Postlicensing
Education
|
Community Colleges
N/A |
Private Schools
Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
|
Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Bureau of Loans website for the latest
list of approved schools. |
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